(Reuters) - After almost three barren years for investors who have poured millions into the U.S. oil sector, producers are finally opening the floodgates to a wave of share buybacks that will return money to shareholders this year. U.S. oil production topped 10 million barrels per day earlier this year, approaching a record set in 1970, but until recently many investors in the shale oil revolution were still waiting for their payday. (here) Since the beginning of year, 11 companies have [Read more]
Oil market shrugs off rising threat to Iran deal: Kemp
LONDON (Reuters) - President Donald Trump’s decision to replace his secretary of state with a more hawkish figure should have been bullish for oil prices since it increases the probability the nuclear deal with Iran will be abandoned in May. Failure to recertify the deal could lead to the re-imposition of secondary sanctions and pressure from the United States on other countries to reduce their purchases of Iranian crude again. But the decision to replace the secretary of state barely [Read more]
Heavy crude discount inches wider as surplus weighs
The Canadian heavy oil discount widened slightly on Tuesday against the West Texas Intermediate (WTI)benchmark as growing crude stockpiles continued to exceed capacity to move product out of the oil-rich province ofAlberta. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, settled at $25.50 a barrel below the WTI benchmark crude price, according to Shorcan Energy brokers, compared with Monday's settle of $25.25. Concerns over growing surplus in the [Read more]
LNG is the new shale oil with the U.S. as disruptor-in-chief: Russell
LAUNCESTON, Australia, March 13 (Reuters) - Crude oil is likely to spring to mind if one is asked to name a commodity where the United States is disrupting the market by becoming a swing producer and challenging traditional trade flows, especially in fast-growing Asian markets. But it’s increasingly likely that the United States is about to play the same role in liquefied natural gas (LNG), as it ramps up production in an already well-supplied market. Much has been written recently about how [Read more]
Heavy crude discount stays within recent range, capacity tight
The Canadian heavy oil discountnarrowed slightly on Monday against the West Texas Intermediate(WTI) benchmark, but remained in its recent range as takeawaycapacity remains tight, creating a supply glut in theoil-producing province of Alberta. * Western Canada Select (WCS) heavy blend crude for Aprildelivery in Hardisty, Alberta, settled at $25.25 a barrel belowthe WTI benchmark crude price , according to ShorcanEnergy brokers, compared with Friday's settle of $25.55.* The discount [Read more]
Hedge funds resume liquidating bullish oil positions: Kemp
LONDON (Reuters) - Hedge funds have resumed liquidating their bullish long positions in crude oil and refined fuels amid more signs that the earlier rally in prices has fizzled out. Hedge funds and other money managers cut their combined net long position in the six most important futures and options contracts linked to petroleum prices by 50 million barrels in the week to March 6. The reduction largely reversed an increase of 68 million barrels the previous week, according to position [Read more]
U.S. states slow Trump offshore oil drilling expansion plan
HOUSTON (Reuters) - The Trump administration’s plan to broadly expand drilling in U.S. offshore waters is moving slowly due to opposition from coastal states and indifference from oil companies that have turned their focus to other opportunities. The administration hopes encouraging U.S. energy development outside of shale oilfields will further its goal of “energy dominance.” But existing Obama administration lease rules remain in place through 2022 unless the new rules gain approval. The [Read more]
Questerre jumps 9 pct after increase in oil reserve estimates
** Shares of Canadian oil and gas firm Questerre surge 9 pct to 6.97 Norwegian crowns after anupgrade of reserves in year-end report** "Our reserve growth reflects the active drilling programat Kakwa this year and the light oil acquisition at Antler", CEOMichael Binnion says in the statement** Proven and probable gross reserves grew by 20 pct to18.41 MMBoe in ** On its Utica gas resources in Quebec Binnion said: "Thebest estimate of risked contingent resources net to Questerrefor [Read more]
Heavy crude discount narrows, stays within recent range
The Canadian heavy oil discount narrowed on Friday against the West Texas Intermediate (WTI) benchmark,but remained in its tight recent range with no significant increase in takeaway capacity easing a supply build-up in the oil-producing province of Alberta. A significant reduction in the heavy oil discount may occur by mid-year, once railways have moved a grain backlog and can handle more crude, a Calgary industry source said. Western Canada Select (WCS) heavy blend crude for April [Read more]
North American energy IPOs set to rebound in 2018 as oil price stabilizes
Higher oil prices and a positive earnings outlook for energy companies are expected to fuel a rebound in North American oil and gas initial public offerings in 2018, with bankers betting investors will remain optimistic about the sector even if the broader stock market remains volatile. IPOs in the United States and Canada could reach their highest in four years, and oilfield services companies are seen leading the recovery, given their pressing capital needs. More than a dozen energy [Read more]